Allianz is shedding 650 workers in its UK insurance coverage division as the corporate navigates difficult market circumstances, reported the Monetary Occasionsciting sources.
The insurer has knowledgeable workers that the redundancies will affect roles throughout its business, speciality and private insurance coverage items.
The UK arm at present employs round 4,200 employees underneath numerous manufacturers together with Petplan.
In inner communications, Allianz cited the “backdrop of upper claims prices and softening market circumstances” inside its private insurance coverage section.
The German insurer has pledged to speculate an additional £200m (€233.93m) into its UK operations this yr, following an identical funding in 2024.
In 2023, Allianz UK reported a 52% rise in annual working income to £368m, with enterprise quantity rising by 5.5% to £4.7bn.
Colm Holmes, UK CEO, stated in February that the “job is (by) no means completed”, pointing to ongoing efforts to strengthen technical capabilities, pricing technique and digital buying and selling.
The corporate engaged in twin acquisitions of Authorized & Common and LV common insurance coverage companies in 2020.
The group plans to retire the LV= model by 2026 as a part of its rebranding initiative.
In Q1 2025, Allianz reported web earnings attributable to shareholders of €2.42bn, down 2.1% from the identical quarter in 2024.
